03 September 2004
I've said before that foreign economies and our own will balance out, and we may be seeing a bit of that now. China's starting to experience a labor shortage. They're producing so much that they actually don't have enough people working in factories. The worker is in demand, so he now has more power. Factories and other employers are looking for ways to retain their workforces, so they're offering benefits and competitive pay. If they don't, the workers move on and find a better job.
We've been suffering from our businesses moving their operations to China, India, Mexico, etc, but those places are booming, their economies are elevating, the people are making more. It's economic assistance in its most sustainable form. As labor costs rise in these poorer countries, the cost of doing business in the United States can be competetive again, and the jobs will return. Plus other parts of the world are better off than they were, providing for themselves, requiring less economic assistance, and maybe someday spreading the wealth and assistance themselves. It's a long-term picture.
Filed Under: Politics